890 Solomon St Griffin, GA 30223-3745

Property Details for 890 Solomon St

Year built

1950

Construction

WOOD FRAME

Lot size

5.64 lot acres

Property size

1,734 SF

Zone code

MDR

Property type

Office buildings

APN

019 -12-011

APU

1912011

Description

This exceptional investment opportunity presents a 34,458 square foot industrial manufacturing facility located at 890 East Solomon Street, Griffin, GA 30223, on a 5.64-acre lot. The property is currently 100% occupied under a Net Lease (NNN) agreement with Newton Crouch, an established agricultural equipment manufacturer with an 80+ year history. The lease features a 10-year term with 2% annual rent bumps and 5 x 5-year renewal options, providing significant long-term stability. The asking price is $2,200,000, representing a compelling 7.50% cap rate based on a current Net Operating Income (NOI) of $165,000. The tenant, Newton Crouch, utilizes the facility as its headquarters, employing over 30 onsite personnel and conducting the vast majority of its manufacturing operations, producing approximately 300 units annually. The company also serves as a leading regional dealer for Norwesco Industrial Tanks. Significant capital improvements exceeding $900,000 have been invested since November 2021, including a new final assembly building with two new bridge cranes, three new storage buildings with new concrete pads, property fencing, driveway improvements, roof repairs, painting, lighting upgrades, and electrical and IT/cabling enhancements. This property offers a secure, high-yield investment in a thriving industrial market, backed by a strong corporate guarantee from a well-established and growing tenant. The extensive inventory of parts, including precision parts, pumps, fittings, spray tips, and tanks, further enhances the operational strength and value of this facility.